Beneficial Ownership Reporting

Starting January 1, 2025, some businesses in the U.S. are being asked to voluntarily report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), which is part of the Department of the Treasury. This is part of the Corporate Transparency Act aims to protect the U.S. and financial system from illegal activity, money laundering, financing of terrorism, and more. Additional information is available at fincen.gov/boi. Subscribe to FinCEN Updates for future guidance documents.

Frequently Asked Questions:

What is a beneficial owner?

A beneficial owner is the individuals who ultimately own or control the company.

Is this mandatory?

As of December 27, 2024, reporting is voluntary for reporting companies. We’ll keep you updated as changes occur.

Who needs to file?

You may need to file if:

  • Your business is registered with the Secretary of State to operate in the U.S.
  • Your type of business is not on the exempt list.

For more information about whether a company needs to file, visit fincen.gov/boi

What does it mean if you’re exempt?

If your business is on the exemption list, you don’t need to file. This could mean your business is already registered with FinCEN under a different program.

To check if your business qualifies for an exemption, click here.

How do I file?

Filing is simple, secure, and free. Visit FinCEN’s website for step-by-step instructions, details on exemptions, and helpful updates.

We’ll continue to keep you informed as filing requirements develop, so you know what steps to take for your business.

Additional Resources: